The Cash account had a balance at the beginning of the year of $40,000. During the year, $200,000 was debited and $220,000 was credited to the account. What is the ending balance of Cash? Group of answer choices $20,000 credit balance $20,000 debit balance $60,000 credit balance $60,000 debit balance
The Cash account had a balance at the beginning of the year of $40,000. During the year, $200,000 was debited and $220,000 was credited to the account. What is the ending balance of Cash? Group of answer choices $20,000 credit balance $20,000 debit balance $60,000 credit balance $60,000 debit balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The Cash account had a balance at the beginning of the year of $40,000. During the year, $200,000 was debited and $220,000 was credited to the account. What is the ending balance of Cash?
Group of answer choices
$20,000 credit balance
$20,000 debit balance
$60,000 credit balance
$60,000 debit balance
Expert Solution
Step 1
Cash refers to the currency or coins that are used by people to purchase goods and services in exchange for currency. However, it also includes some assets that can easily be converted into cash immediately. Cash normally has a debit balance.
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